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Articles by ZH Snob
Core Consumer Price Growth Comes In Cold - Apparel Prices Plunge Most Since 1998
Following producer prices' surge in November, consumer prices rose 2.2% YoY (as expected). October producer price pushed to its highest since Dec 2011 but consumer prices are not being pushed higher for now... The energy index rose 3.9 percent and accounted for about three-fourths of the all items increase; indexes for motor vehicle insurance, used cars and trucks, and new vehicles also increased.
Mega Mall Merger: French Bid For Westfield Creates $72BN Mall Giant As Online Threat Looms
The need for consolidation in the face of the ongoing Amazon - and broader online menace - is becoming irresistible, even for the biggest and best mall operators. Today the French-based Unibail-Rodamco, the biggest commercial landlord in Europe, agreed to purchase Westfield, the Australian-based mall operator. Unibail is offering 0.018844 shares and $2.67 cash for each Westfield share – a 65/35 stock/cash ratio – which values Westfield at an enterprise value of $24.7 billion.
Trump Slams "Ungrateful Traitor" Chelsea Manning Who Should "Never Have Been Released From Prison"
Trump took to Twitter on Thursday morning, where in his first tweet he lashed out at Chelsea Manning, calling her an “ungrateful traitor” who should have never been released from prison. “Ungrateful TRAITOR Chelsea Manning, who should never have been released from prison, is now calling President Obama a weak leader. Terrible!” he tweeted. Ungrateful TRAITOR Chelsea Manning, who should never have been released from prison, is now calling President Obama a weak leader. Terrible! — Donald J.
Moving Backwards: Despite Claims Of A Recovery, "Economy Is In Reverse"
Submitted by Mac Slavo via SHTFPlan.com, There just isn’t a lot of good news here. The middle class is still struggling for something tangible, but things remain pretty frustrating for most people. It could actually feel like things are going in reverse… and that each piece of economic interaction squeezes just a little bit harder.
Why Is The US Dollar Rising?
Submitted by Charles Hugh-Smith via OfTwoMinds blog, So where will mobile capital flow in an environment of rising socio-political risk, a multi-year USD uptrend and a dearth of safe, liquid markets? On October 3rd I asked Is the U.S. Dollar Set to Soar? It seems the answer was yes.
Trump Slams "Brutal Dictator" Castro's "Legacy Of Firing Squads, Theft, Suffering And Poverty"
Having been unable to find a compromise on any topic affecting the living, outgoing president Obama and president-elect Donald Trump found a way to disagree even on the topic of death: that of Fidel Castro.
Ray Dalio Warns A 1% Rise In Yields Would Lead To Trillions In Losses
Last week, we shared with readers a fascinating presentation that Bridgewater's Ray Dalio made to NY Fed staffers at the 40th Annual Central Banking Seminar held on Wednesday, October 5, 2016.
How Reuters "Tweaked" Its Latest Poll (Again) To Show A Clinton Lead
Reuters has taken some heat in recent months for "tweaking" their polling methodology seemingly every time the data reveals "inconvenient" results for Hillary (see our previous posts on the topic here and here). But the latest Reuters/Ipsos polling "tweak" is truly amazing.
South China Sea Tensions Surge After Taiwan Deploys Frigate, China Warns Of "Air Defense Zone"
Following the much anticipated ruling by the international court which found yesterday that China does not have a right to claims on the South China Sea, an unexpected supporter for China's position - which has vocally warned it won't comply with the tribunal's ruling - emerged overnight when Taiwan, which shares territorial claims with China in the disputed area - sent a naval frigate to patrol the disputed waterway Wednesday, to show the government’s “determination" to defend its national...
Suicide Bomber Blows Himself Up In Front Of US Consulate In Saudi Arabia
After last night's massive suicide bombing in Baghdad which killed over 100, and which ISIS took responsibility for, we doubt the Islamic State will be just as quick to take credit for tonight's latest terrorist attempt, this time in the Saudi Arabian city of Jeddah, where a suspected suicide bomber was killed in front of the US consulate.
First The UK, Then Scotland... Then Texas?
Submitted by Ryan McMaken via The Mises Institute, That didn't take long. Only hours after the final results came in for a British exit from the EU, political leaders in Scotland are talking about renewing their drive to secede from the United Kingdom. Pointing to the fact that a large majority of Scots voted to remain in the EU, Scottish advocates for independence are now claiming (convincingly) that Scotland is leaving the EU against its will.
On a Percentage Basis This Rate Hike is a Big Deal (Video)
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You Know Those Missing Hillary Emails? Russia Might Leak 20,000 Of Them
Hillary Clinton sits at the center of a raging firestorm concerning her arrangement of a private email account and server set up in her home — from which top secret information may have been deleted.
"Sell In May" ... And June
"Sell in May and go away" -- the old equity-market adage still holds water, but, as Bloomberg's Mark Cudmore explains, it's important to note how the seasonals have evolved since the great financial crisis. In its original usage, the motto implied it’s advisable to cash out of equities at the end of May and enjoy a long summer of relaxation before returning to invest again. It wasn’t just a flippant saying; the facts tallied with the intuition.
Leaked Docs Reveal TTIP Trade Deal In Jeopardy As "Irreconcilable Differences" Emerge
Several weeks ago we learned that not all is well in the ongoing negotiations to impose Obama's landmark Transatlantic Free Trade Agreement, also known as the TTIP, when unexpectedly Europe threatened to impose visas on Americans and Canadians. As we commented at the time, this latest tension may have been driven "by the fact that the United States hasn’t yet lifted visa requirements for some EU member countries such as Romania, Bulgaria, and Poland.
Caught On Tape: The Last Minutes Of Life Of A Bumbling ISIS Fighter
Amid pay cuts and sex-slave incentives, it appears not only is ISIS fighters' enthusiasm flagging but their IQ appears to be dropping too. As the following rather shockingly comical clip via VICE News shows a cluster of shambolic and frenzied ISIS extremists were 'caught on tape' as they struggle to fire rockets at Kurdish pashmerga troops near Mosul, Iraq. As NY Post reports, the footage shows the chaos inside an improvised armored carrier as the fighters shout at each other while bullets fly.
Failure of the War on Cash
Some years ago, when I suspected there would be a War on Cash at some point, everything in the behaviour of the central banks pointed to the idea – it fit exactly into their own informed, yet unrealistic pattern of logic. I therefore decided that it would be a likely development and would take place at a time when they had tried everything else and had run out of other ideas. As to a date when this might happen … I had no idea.
Four Major Fallacies in the Oil Market (Video)
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Hillary Worried As Bernie Momentum Builds, Breaks Donation Record
When Hillary Clinton decided to run for President again, it is safe to assume that she didn’t spend much time (if any) worrying about whether or not a 74 year old Senator from Vermont named Bernie Sanders was going to get in her way. The polished ex-First Lady and her camp must have thought her nomination to represent the Democratic Party in the upcoming election was a mere formality.
Canada Goes Full-Krugman, Jacks Up Borrowing And Spending, Confirms Gold Sale
Bill Morneau took centre stage last week in the Canadian Parliament and didn’t disappoint. The new Liberal finance minister’s first budget jacked up program spending across the board, to be paid for by borrowing and, eventually, presumably, money printing. His rhetoric was coated with suggestions that “economic growth” would solve the country’s problems. The only folks left out were taxpayers and savers. On the face of it, Morneau’s logic makes sense.
Why One Economist Doesn't Believe The March Jobs Number
March NFP 215K: Retail stick-save as Signs of Weakness Pick Up A broadening Industrial recession was offset by solid service payrolls, led by Retail. Taken at face value, the breadth of growth signals a steady-as-she-goes economy. But there are reasons to doubt the figures, starting with Retail. In the BLS model, retail is hitting a major growth spurt unlike anything seen in a decade. In the real economy, the Retail sector's growth is slowing.
All The Latest Chinese News In Just 7 Bullets
As Evercore ISI (correctly) puts it, "no one can remember more than 7 bullets on anything." So for those eager to catch up on all the latest news out of China, here are just 7 bullet points: Curious for more: here are the details: Overview. The last two weeks of NPC announcements and positive talk just don't fit with what we see. Jan and Fed data are not sparkling. We still pick up mostly negative anecdotes. Our Jan and Feb SGI likely will be lower.
"It's All F**ked": Brazil Descends Into Chaos As Rousseff, Lula Wiretaps Trigger Mass Protests
Just yesterday, we said the following about Brazil: It seems as though this country can’t get through a single day without some piece of political news or economic data creating confusion and turmoil. We said that on the way to noting that central bank chief Alexandre Tombini looked set to resign for fear that former President Lula’s new cabinet position and attendant promise to "turn the economy around" would lead invariably to government interference in monetary and FX policy.
Frontrunning: March 15
- Chinese insurance company Anbang Insurance Group Co lobbed in a roughly $13 billion bid for Starwood Hotels & Resorts Worldwide Inc, an effort to break up the hotelier's pending sale to Marriott International Inc and the latest sign of China's growing appetite for overseas takeovers.
The Birthing Of Trump's America: The Swindlers Vs. The Swindled
Beyond the Kubler-Ross maelstrom of denial, anger, depression, etc., besetting this spavined republic, lies the actual grief provoking it all — especially the shocking loss of national purpose embodied by the muppets and puppets onstage nightly vying to bring out the worst in us in an election season far from just silly.
ISIS Threatens To Shoot Mark Zuckerberg, Jack Dorsey; Shut Down Facebook, Twitter
ISIS has always had a love-hate relationship with Jack Dorsey. On the one hand, no organization (with the possible exception of the CIA and MiT) has done more for Islamic State than Twitter. The group's followers are adept users of social media and Twitter is one of the main channels by which al-Hayat Media Center and its dozens of offshoots distribute their propaganda.
Banco De Portugal Indicates The ECB Stress Test Was A Complete 'Sham'
It shouldn’t surprise anyone that after a period of relative quietness on the European front, something was bound to happen again. Even though it has been less than six months since Greece had to close its banks in an attempt to stop a bank run, it feels like it has been an eternity as the mainstream media chose not to spend too much attention on a fait-divers like a bank run. However, as every toddler could have expected, it’s not over yet, oh no, it’s far from over.
"Smart Money" Options Indicator Has Never Been More Bearish
For the first time ever, S&P 100 traders are holding more than 3 put options for every call. Most of the sentiment and position metrics that we monitor, and highlight on the pages, are viewed as contrary indicators. That is, once they reach an extreme, investors or traders would be wise to act “contrary” to the extreme. In other words, the crowd is wrong at extremes. At least that is generally the case, historically speaking. There are a few exceptions to that rule.
Feldkamp: The Macroeconomics of Crises and Fraud
Great comment from my friend and mentor Fred Feldkamp. Happy holidays. -- Chris The Macroeconomics of Crises and Fraud A terrific NYC business writer wrote an article on Friday explaining the alleged fraud of Martin Shkreli. It seems Shkreli is a young "master" at a VERY old game. In macroeconomics, financial fraud is any method by which deception or duplicity induces those with money to "invest" in a scheme where they would, absent fraud, be less likely to invest.
BLaZiNG SaDDLeS 2015...
So, everything is going great in the US economy, uh?!
Goldman Suffers Terrible Quarter After FICC, Prop Revenues Plunge; Banker Comp At Five Year Lows
Once again, Jefferies' one-month early glimpse at Wall Street trading revenues proved to be spot on. After the boutique mid-market banks reported a total collapse in fixed income trading revenues (which ended up negative following massive charge offs), everyone was looking at the biggest hedge fund among the TBTF banks - Goldman Sachs - to see just how bad the trading environment really is. The answer came moments ago, and the answer is bad. Very bad.
With $19 Billion In Derivative Liabilties, Some Observations On Glencore's "Counterparty Risk"
Now that after long last the market has turned its attention not only to Glencore's mining operations, which as we have repeated said are a secondary aspect to the company's business model, the key being its trading operations which transact in billions of commodities every single day, and the stocks just plunged to fresh intraday lows down a historic 30%, here is a quick pointer at what traders should be looking at next: the company's own disclosure on counterparty risk from its most recent...
Dow Futures Dump 320 Points - All Major Indices Now Underwater In 2015
“World where currencies are backed by nothing more than a governmental promise to pay while the printing presses whirled unchecked ...”
Peter Hambro: "It's Virtually Impossible To Get Physical Gold In London"
Just after my colleague Ronan Manly wrote a very extensive article on how much gold is left in London (not much), Petropavlovsk Chairman and Co-Founder Peter Hambro discusses gold at Bloomberg Television. He, like Manly, concludes there is very little physical gold left in London. From Mr Hambro: My baseline is they [the Chinese] have been buying and the Indian have been buying in enormous quantities. It’s virtually impossible to get physical gold in London to ship to those countries.
Russian Military Presence In Syria Risks "Confrontation" With US-Backed Forces, Kerry Warns Lavrov
On Friday, Vladimir Putin conceded that the scope of Russian military involvement in Syria is “quite serious.” In a replay of the Kremlin’s official line regarding Russian involvement in Ukraine, Putin did not admit that his soldiers were on the ground to play a direct combat role. However, the Russian President’s comments did suggest that Moscow’s logistical and technical assistance goes far beyond the purely “political” cover the Kremlin has granted Assad via Moscow’s Security Council veto.
The Concept Of Money And The Money Illusion
Awareness about the concept of money is making a comeback. Gone are the decades in which the global citizenry was fooled to leave this subject to economists, governments and banks – a setup that has proven to end in disaster. The crisis in 2008 has spawned debate about what money is, where it comes from and where it should come from. These developments inspired me to write a post on the concept of money and the money illusion.
Oil Is Crashing | Zero Hedge
The illiquid algo-induced idiocy that are the 'markets' is nowhere more evident than in WTI crude futures this morning... It appears the positive USD-Oil correlation has broken.
Case For Yuan Devaluation Grows As Chinese Factory Prices Fall Most In Six Years
On Saturday, we got what we called a stark "reminder of just who is lying hunched over, comatose in the driver's seat of global commerce" when China reported that exports fell 8.3% in July, far more than consensus and the most in four months. This, we argued, was further evidence that China will ultimately be forced to devalue, as collapsing global trade and weak domestic demand feed into each other, pinning the country’s export-led economy in slow gear.
Chinese Trade Crashes, And Why A Yuan Devaluation Is Now Just A Matter Of Time
Two weeks ago we showed something very disturbing (something even the IMF is now figuring out): global trade is grinding to a halt... ... and in a dollar-denominated cases, has even gone into reverse. Nowhere has this trend been more visible than in the IMF's own admission that global trade, growing at 7% in 2011, has nearly halved its growth rate, and in 2016 global commerce is expected to rise at the slowest pace since the financial crisis.
Why Greece Is The Precursor To The Next Global Debt Crisis
The one undeniable truth about the debt drama in Greece is that each of the conventional narratives—financial, political and historical—has some claim of legitimacy. For example, spendthrift Greeks shunned fiscal discipline: here’s an account from 2011 that lays out the gory details: The Big Fat Greek Gravy Train: A special investigation into the EU-funded culture of greed, tax evasion and scandalous waste.
Why The NYSE Debacle Mattered
On Thursday this past week there were a few attempts at crisis management that should go into textbooks (as well as history books) everywhere in years to come as: Crisis Management 101.a – Lessons in Ineptitude. The responses as to settle the angst in an ever-growing skeptical, as well as frightened investing class was not only inane as demonstrated by the responses (or better yet; lack there of) given at the NYSE by way of “answering” as to why it halted its operation for nearly 4 hours.
Bond Yields Are Plunging - 30Y Treasury Under 3.00%
With near record shorts in Treasuries once again, yields are collapsing as both a flight to safety and short squeeze send 30Y back below 3.00% for the first time in a month... 30Y back under 3.00%... And Bund yields are tumbling... As the entire bond complex is bid... Charts: Bloomberg Average: Your rating: None Average: 5 (3 votes)
What It All Comes Down To On Sunday
As expected (and as tipped here on Thursday immediately after news broke that an IMF study conducted prior to the imposition of capital controls in Greece suggests debt relief for Athens is necessary if anyone hopes to create some semblance of sustainability), Greek PM Alexis Tsipras is now leaning hard on voters to carefully consider the fact that one-third of the troika has effectively validated the Greek government’s position on creditor writedowns.
Finally The Truth: "The Greek Debt Is So Big Everyone Understands It Won’t Be Repaid"
On Monday morning, before the latest series of optimistic rumors and realistic denials was unleashed, Latvia's outgoing President Andris Berzins had a surprisingly accurate observation in an interview with Latvian Independent TV when he said that "this [Greek] debt is so big that everyone understands that it won’t be repaid." We find this statement to be amazing because this may be the very first time an official has actually told the truth about not only Europe's but the global debt crisis,...
Gross Says Hold Cash, Prepare For "Nightmare Panic Selling"
Ever since bond market liquidty became the topic du jour across Wall Street (just a few short years after it was first raised in these pages), analysts, pundits, and reporters alike have begun to question what might happen should investors who have piled into mutual funds and ETFs (especially fixed income products) suddenly decide to sell into illiquid secondary markets.
Caught On Camera: A Greek ATM Gets A Refill
Over the weekend, JPM made it clear that absent some deal (or at least framework thereof since optimism for a deal today just crashed) being finalized today, Tuesday could be a very difficult day for Greece if and when the ECB finally revises the ELA calculation (a calculation which according to JPM may have already seen the ECB overstep the limits of its Greek borrowing base) or simply refuses to increase the emergency liquidity for Greece in what, thanks to the accelerating bank run, is...
Deutsche Bank Co-CEOs To Resign Amid Shareholder Frustration
Back in May, Deutsche Bank’s co-CEOs Anshu Jain and Jürgen Fitschen got a rude awakening. At the bank’s annual meeting, less than two-thirds of shareholders said they approved of top management’s performance. That was down markedly from nearly 90% the year before. At issue: ambiguity surrounding planned cost cuts, distant profitability targets, and investor concern about the bank’s corporate culture. Deutsche, perhaps more than any other firm on Wall Street, embodies the corrupt bank stereotype.
"The Fed Has Been Horribly Wrong" Deutsche Bank Admits, Dares To Ask If Yellen Is Planning A Housing Market Crash
The reason why Zero Hedge has been steadfast over the past 6 years in its accusation that the Fed is making a mockery of, and destroying not only the very fabric of capital markets (something which Citigroup now openly admits almost every week) but the US economy itself (as Goldman most recently hinted last week when it lowered its long-term "potential GDP" growth of the US by 0.5% to 1.75%), is simple: all along we knew we have been right, and all the career economists, Wall Street...
ETF Issuers Quietly Prepare For "Market Meltdown" With Billions In Emergency Liquidity
Between the dramatic sell-off in German Bunds that unfolded over the course of three weeks beginning on April 21 and the erratic trading that ensued on Tuesday following the weakest JGB auction since 2009, the chickens, as they say, have come home to roost in government bond markets where thanks the ECB, the Fed, and the BoJ’s efforts to monetize anything that isn’t tied down, the market has become hopelessly thin.
Goldman Warns Companies To Halt Buybacks At Record Valuations, Reminds What Happened In 2007
One month ago, Goldman warned that the biggest risk for the market was the stock buybacks hiatus due to earnings season, which in turn resulted in what was almost a modest market selloff, before someone stepped in to buy: we say someone"" because we know for a fact it wasn't retail or institutional flow, which has been pulling out of the market at the fastest pace in years...
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